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Scooter OEM reports 46 percent in net profit

Piaggio SpA reported a 46 percent drop in net profit to $36.33 million for the first half on lower sales of its two-wheelers and other vehicles.

Conversely, Piaggio said it saw the first signs of recovery in March and the company aims to utilize government incentives in Italy and Spain for the purchase of more environmentally friendly vehicles.

Piaggio’s net profit totaled $36.33 million for the quarter against $66.87 million for the same period last year.

Net sales also fell, down to $1.13 billion from $1.27 billion.

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